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16-03-23
TAQA, Reykjavik Geothermal JV to Provide 1 GW of Clean Energy in Saudi Arabia, Middle East
(MENAFN) The Industrialization & Energy Services Co., also known as TAQA, based in Dhahran, has entered into a joint venture with Icelandic firm Reykjavik Geothermal to provide one gigawatt of green power to Saudi Arabia, the Middle East, and the North African region. The joint venture, called TAQA Geothermal Energy, will explore and develop geothermal resources, contributing to the decarbonization targets of their respective government-mandated green initiatives. The company will be based in Riyadh.
Speaking at the Public Investment Fund Private Sector Forum in Riyadh, TAQA Group CEO Khalid Nouh said that the joint venture would change the energy dynamics in the region. This is the first geothermal company in the region, and we promise to bring at least one gigawatt of clean energy to the energy grid of Saudi Arabia and the Middle East, said Nouh. Reykjavik Geothermal is an established global leader in developing sustainable geothermal power.
The joint venture aims to contribute actively to the Saudi Green Initiative and the Middle East Green Initiative to reach net-zero carbon by 2060. The objective is to create value through the big initiatives happening in the region. The joint venture comes after TAQA acquired an Abu Dhabi-based company called AlMansoori Petroleum Services in January. The acquisition aims to create a Saudi company that operates beyond the geography of Saudi Arabia.
TAQA, established in Saudi Arabia in 2003, innovates, develops, and deploys solutions to the energy industry. With 54 percent ownership by the PIF, the company has over 5,500 employees and operates across 20 countries, including UAE, Oman, Qatar, Kuwait, Kurdistan, Egypt, Libya, and Algeria. The JV with Reykjavik Geothermal will contribute to the decarbonization targets of their respective government-mandated green initiatives.
The partnership between TAQA and Reykjavik Geothermal will provide a boost to clean energy provision in Saudi Arabia and the Middle East. The joint venture aims to explore and develop geothermal resources in the region, contributing to the decarbonization targets of their respective government-mandated green initiatives. The JV's objective is to create value through the big initiatives happening in the region, including the Saudi Green Initiative and the Middle East Green Initiative to reach net-zero carbon by 2060. The JV will change the energy dynamics in the region, bringing at least one gigawatt of clean energy to the energy grid of Saudi Arabia and the Middle East. The partnership between TAQA and Reykjavik Geothermal is a significant step forward for the region's energy sector and highlights the potential for increased collaboration between Saudi Arabia and global industry leaders to drive sustainable growth.
MENAFN16032023000045014228ID1105791156
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